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Sampo plc’s Board of Directors is responsible for and has the ultimate oversight of group-level corporate responsibility, containing the entire range of environmental (incl. climate change), social, and governance matters.
The board also validates the corporate responsibility report annually. Corporate responsibility related questions are a regular part of the performance evaluation of Sampo plc’s Board of Directors, to increase the board-level focus on these matters. The self-assessment is independent and completed annually. The board has assigned its Audit Committee to monitor Sampo Group’s corporate responsibility reporting and activities. To develop and enhance the Board of Directors and its Audit Committee’s knowledge of corporate responsibility at Sampo, to create discussion, and to receive feedback to support the work, corporate responsibility is also regularly on the agenda of the Audit Committee meetings during each year.
The Group Chief Financial Officer (CFO) directs the Corporate Responsibility Unit and operates as the Chairman of the Group’ Corporate Responsibility Steering Group. The steering group provides management perspective, sets direction for corporate responsibility work, and approves the group-level corporate responsibility program. It also acts as a platform for information exchange between the Group companies. The members of the steering group are: Group CFO (chairman), Group CIO, Group CRO, Group Legal Counsel (secretary), Head of Investor Relations and Group Communication, Head of Corporate Responsibility, If's CFO, Mandatum Life's CEO, Topdanmark's Head of Secretariat (Strategy and CSR) and Hastings’ Director of Business Services. Reporting on each steering group meeting is provided to the Group CEO and President.
The Corporate Responsibility Unit, led by the Head of Corporate Responsibility, is responsible for the development and coordination of corporate responsibility at group level. The unit prepares the group level corporate responsibility program and sets schedules and requests and provides group-level guidance to the subsidiaries. The aim of the corporate responsibility program is to direct the corporate responsibility activities of the Group toward the most material topics in a structured manner. It provides a group-level approach, objectives, and targets for corporate responsibility. The program applies to the entire Sampo Group, including the subsidiaries If, Topdanmark, and Mandatum Life.
At each subsidiary, various business areas, operational departments, and units are actively involved in the Group’s corporate responsibility endeavors. Group-level corporate responsibility reporting is largely based on information provided by the subsidiary companies according to formats and schedules defined by the Group’s Corporate Responsibility Unit. In addition to group-level corporate responsibility governance, it is important to note that each Group company has its own internal governance structures. Information on If and Topdanmark’s corporate responsibility governance structures can be found in their respective reports, If Sustainability Report 2019 and Topdanmark CSR Report 2019.
Sampo conducted its first materiality assessment in 2016. In 2019, an internal update of the assessment was conducted as a part of the process of creating a corporate responsibility program for Sampo Group. In this internal process, which involved the subsidiaries, If, Topdanmark, and Mandatum Life, the Group’s corporate responsibility themes were changed to responsible business management and practices, responsible corporate culture, responsible investment management and operations and responsibility in communities. Climate change and environmental aspects are considered in all these themes.
The aim of the update was to clarify the division between group-level and subsidiary-level corporate responsibility information. The key stakeholders of the subsidiary companies continue to be their customers and employees. In addition to these, increasing emphasis needs to be placed on stakeholders such as shareholders, investors, analysts, and rating agencies. The updated themes are considered to better support the needs of the group-level stakeholders and the listed parent company, Sampo plc.
Under each of the corporate responsibility themes, the most material corporate responsibility topics have been identified. The topics identified during the first materiality assessment continue to hold their importance, and new topics such as cybersecurity have been introduced.
Corporate Responsibility Themes and Objectives, Sampo Group